Village Journals
Resonate your identity with Naseeb journals. Express your opinions, share your thoughts, post your writings and connect with like minded people through the power of expression.
Resonate your identity with Naseeb journals. Express your opinions, share your thoughts, post your writings and connect with like minded people through the power of expression.
Non-Profit Vs. Mission based
Since my last semester in 2004 at College I've been diligently (I do mean diligently) trying to start a non-for-profit corporation. I was inspired by the ideas 1) "just do it" and 2) "Be the change you wish to see in the world"
In any case College taught me that sometimes you just have to do things in order for them to get done..heck that makes sense to me!
So I started to work on it
www.orgsites.com
Now the dilemna my associates and I have struggled significantly with are the barriers that our beloved President Bush and Co. have placed on non-for-profit formation, IRS reporting, and compliance. The audits, reporting, and reviews alone cost me too much time and money. So I've reverted to a simple for-profit mission based, non 501(c)3.
Anyone have any suggestions for someone like me? Can I still sucessfully maintain an organization solely based on a mission statement and still look reliable or credible to the public? We have an open book policy.
We act as a management and marketing firm. We take donations and tell accountants to place it in their marketing budget. We also have developed investment opportunities that create return on investments in order to promote cash flow..sort of like a junk bond to help the community.
Any bright brothers or sisters please feel free to drop some knowledge. I think I've reached a burnout point.
patiently awaiting comments,
Reza500
In any case College taught me that sometimes you just have to do things in order for them to get done..heck that makes sense to me!
So I started to work on it
www.orgsites.com
Now the dilemna my associates and I have struggled significantly with are the barriers that our beloved President Bush and Co. have placed on non-for-profit formation, IRS reporting, and compliance. The audits, reporting, and reviews alone cost me too much time and money. So I've reverted to a simple for-profit mission based, non 501(c)3.
Anyone have any suggestions for someone like me? Can I still sucessfully maintain an organization solely based on a mission statement and still look reliable or credible to the public? We have an open book policy.
We act as a management and marketing firm. We take donations and tell accountants to place it in their marketing budget. We also have developed investment opportunities that create return on investments in order to promote cash flow..sort of like a junk bond to help the community.
Any bright brothers or sisters please feel free to drop some knowledge. I think I've reached a burnout point.
patiently awaiting comments,
Reza500
Comments on this journal
i think you can still remain credible with donors/the public, but the one problem i see is that as a non-501(c)3, you are at a disadvantage for grant funding since many grantmakers require that their receipients be 501(c)3's.
i did some grant writing at my last job before grad school and the we were able to swing it only because the org had a 501(c)3 branch, although overall the org was 501(c)4.
also, don't fall into the trap that most muslim orgs do of depending almost 100% on private donations. from my experience, it's a bad model for many reasons.
I was debating with the C.F.O. about using junk bond tactics for projects such as our Wi-fi network proposals as a way to generate steady income.
If we were a we could use government technology grants to fund such projects, but that still hasn't happened for others and they're on the Chamber of Commerce!
I'm stuck on creating a pool of money scheme- there has got to be a way for me to generate cashflow and revert the profits into an interesting barring fund somehow and then use those profits to fund the organization one project at a time.
In any case, moderns' comments and your appreciation is fuel for the next few months. Salam!
Wow! What a wonderful organization you have started!
I just finished my second year of college, so with that in mind, here is my advice.
As a privately held corporation, you can do whatever you want with the profits and/or donations. It is your choice, so long as you are privately held.
The only problem with being a non-501(c) is that the donations given to you are not tax-deductable. This will ultimately reduce the number and the amount of your donations.
Keep up the good work and the faith. All the best to you and your organization.
Maggie